Indian soybean ends down on global cues, supplies

MUMBAI, Sept 29 (Reuters) - Indian soybean October futures futures breached the initial lower circuit of 3 percent on Monday and ended down tracking weakness in overseas markets and expectations of good supplies at home in the coming weeks.

Leading industry analyst Dorab Mistry in a conference on Saturday said Indian crushers may face a difficult time in the year ending September 2009 as farmers demand a better price, while soymeal buyers bargain for a discount.

Soymeal is the main byproduct derived from soybean crushing and constitutes about 82-83 percent of the seed weight.

India is likely to produce a record soybean crop of about 10-12 million tonnes, leading crushers, traders and analysts at a industry conference said on Saturday.

The October futures touched fell 4 percent, the maximum permitted in a day, to 1,981 rupees per 100 kg, its lowest in more than two weeks.

Soybean spot market in Indore was closed on Monday.

The palm oil December futures KPOZ8 on Bursa Malaysia Derivatives Exchange ended down 8.13 percent at 2,125 ringgit a tonne.

Soybean and rapeseed are crushed to produce edible oils, which compete with palm oil, and their prices move in tandem.

Soybean November futures SX8 on Chicago Board of Trade fell 2.49 percent to $11.35-½ a bushel during electronic trade on Monday.

Following are the closing prices of soybean futures <0#nsb:> per 100 kg and rapeseed futures <0#nrs:> in rupees per 20 kg on the NCDEX:

Contract Reuters Code Closing Price Change in %

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Soybean

Oct NSBV8 1,981.50 -3.97

Nov NSBX8 1,872.00 -3.93

Rapeseed

Nov NRSX8 584.80 -2.74

Jan NRSF9 577.90 -3.58 (Reporting by Abhishek Shanker; Editing by Sunil Nair)